Hot stock: Shopper360 rises above IPO price on debut day

THE counter of Malaysia-based Shopper360 Limited rose to S$0.335 on Friday morning on its first day of trading.

This is above its initial public offering (IPO) price of S$0.290 per share.

The firm had placed 38 million shares for its IPO on Wednesday for an eventual listing on the Catalist of the Singapore Exchange.

It said that the shares include 18 million new shares and 20 million vendor shares, the shopper marketing services provider.

The IPO is expected to raise gross proceeds of S$11 million, representing about 33.2 per cent of the company's post-placement share capital. Upon completion of the IPO, Shopper360's market capitalisation will be about S$33.2 million.

Net proceeds of about S$3.4 million from the issue of new shares will be used for expansion of the group's service offerings as well as network of customers and retail partners.

The group will also use the sum to expand into new geographical locations such as Myanmar and Singapore, or to engage in acquisitions, strategic alliances and/or joint ventures. The proceeds will also be used for general working capital purposes.